Concept explainers
To determine: The task performed, skills needed, pay, and opportunity outlook of the career.
Introduction:
Marketing managers are responsible for the marketing strategy of the company. Marketing strategy is used to attract and retain the customer for the company.
Answer to Problem 1CE
Marketing manager handles the marketing strategies of the company and also handles the pricing strategy. Some of the skill sets required are like marketing manager should be creative, problem-solving ability, and good communicational skills. The median hourly wage rate in this career is $62.20 and median annual wage rate is $129,380. The opportunity outlook for the career is that is projected to grow 10% from 2016 to 2026.
Explanation of Solution
Marketing managers estimates the demand for a particular product, think and execute its pricing strategy and promotion strategy. The skill set which a marketing manager requires is mentioned below:
- Creativity.
- Problem-solving ability.
- Conceptual knowledge of the field.
- Can perform under pressure.
- Good critical thinking skills.
- Passion for details.
- Communicates well with others.
The wage rate of an employee working in this career is:
- Median hourly wage rate is $62.20.
- Median annual wage rate is $129,380.
The opportunity outlook for the career is that it has chances to grow 10% from the year 2016 to 2026. The growth rate of occupation is more than the average growth rate of other occupations. This job will continue to hold importance in the future world, as the company will keep on their focus for market share and more profit.
Thus, these are the details of career exploration on the top executive.
Want to see more full solutions like this?
Chapter 14 Solutions
Understanding Business
- One of the easiest places to see the impact of the Internet on marketing is by looking at its effect on pricing decisions and consumer's perceptions of prices. Since its inception, the World Wide Web (WWW) has developed the reputation as being the place to shop to get the lowest prices. Why has this reputation developed? Why might it be possible to charge lower prices online? Are products really cheaper? To answer this last question, choose two products and find them for sale online (books, CD's, and software work very well). Calculate the total price that would be charged to your credit card, then go to a "brick and mortar" retailer and find prices for the same product there. Make your comparisons. Where is the cheapest place to buy the products that you have selected? What costs go into determining which place you buy your product? Are there any non-financial costs to shopping online? To off-line shopping?arrow_forwardAs a newly appointed CFO of a microfinance, you realize the products on offer are not viable and therefore you decide to overhaul the product development process and product pricing. Highlight the key aspects you will focus on to ensure products are viable.arrow_forwardSelect a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?arrow_forward
- Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.arrow_forwardI need help step by step with Price-yield Management pricing Stimulation in Knowledge Matters. What do I enter in the hotel rates? This is for course Principles of Marketing.arrow_forwardHow can businesses find the perfect balance between profit maximization and customer satisfaction through pricing?arrow_forward
- Look through your local newspaper or any direct mail marketing pieces you can locate. Choose a product or firm and note the prices for different types of products. What do you think the firm’s pricing objectives and strategy are? What types of pricing methods are they utilizing?arrow_forwardPenetration pricing and price skimming are marketing strategies commonly implemented when companies launch new products or services. Both approaches have worked for businesses, but you have to understand how your price relates to your overall marketing and promotions strategies. Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers. Compare and contrast market skimming and market penetration pricing with the help of above definitions. Discuss how companies adjust their prices to take into account different types of customers and situations?arrow_forwardNowadays, regardless of gender, everyone is taking care of their appearance and skin health but is conscious of price. Marketers tend to make tedious study on trying to understand customers, demand and requirements of specific target market to fix the price. Think of a personal care product or brand that you like (e.g., moisturizer, lotion, face wash, shampoo, toothpaste etc.) and discuss the pricing strategy you as manager will adopt for your company. Give reason why you adopted particular pricing strategy.arrow_forward
- choose a product that you have purchased recently. Research and investigate this product on the Internet and in the marketplace. Evaluate the marketing mix (product strategy, pricing strategy, distribution strategy, and promotion strategy) used by the manufacturer of this product. At a minimum, consider the following questions in your investigation: Product Strategy : In what category of consumer products (convenience, shopping, or specialty) does this product fall? Why? At what stage is this product in the product life cycle (introductory, growth, maturity, decline)? Why? What role, if any, did branding (brand name, symbol, slogan, etc.) play in your selection of this product? Why? What role, if any, did packaging play in your selection of this product? Why? Evaluate the quality of the product in terms of quality level and product consistency. Promotion Strategy : Identify the various media used to promote/advertise the product. Did other promotional tools (sales promotion,…arrow_forwardIn what situations is cost-based pricing most suitable for businesses?arrow_forwardHow can retailers create effective pricing strategies that balance profitability with customer value?arrow_forward